Citigroup Completes Exit from Russia with Subsidiary Sale to Renaissance Capital
Citigroup has completed the sale of its former Russian subsidiary to Renaissance Capital, finalizing its exit from the country. This sale, approved by regulators, will increase Citigroup's capital by $4 billion in the first quarter of 2026. The bank's cumulative capital impact remains neutral despite previous currency losses.
In a significant financial move, Citigroup announced on Wednesday the sale of its former Russian subsidiary to Renaissance Capital. This transaction has been approved by regulators, marking the completion of Citi’s exit from the Russian market.
The financial arrangement is projected to result in a $4 billion increase in Citigroup's capital come the first quarter of 2026. The boost is attributed to the transfer of risk-weighted assets to Renaissance Capital and other financial factors involved in the deal.
Despite a previously reported currency loss of $1.6 billion associated with Russia, Citigroup stated that the cumulative impact of these losses will be capital neutral. The bank emphasized the strategic advantage of this divestment in its growth and stability plan.
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